Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,600-21,675 levels and a strong buy zone at 21,500-21,600 levels on Tuesday, January 2. For the Nifty Bank, he expects support at 47,925-48,075 levels and a strong buy zone in the 47,725-47,850 range.

Here's how Anil Singhvi sums up the market setup:

  • Global: Neutral
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Positive
  • Trend: Positive

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Singhvi expects a higher zone for the Nifty50 at 21,775-21,825 and a blue-sky zone above 21,850. For the banking index, he sees a higher zone emerging at 48,450-48,500 levels and a blue-sky zone above 48,650. 

ANIL SINGHVI MARKET STRATEGY 

  • FII index longs at 69 per cent vs 70 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.14 vs 1.12
  • Nifty Bank PCR at 0.87 vs 0.83
  • Volatility index India VIX up one per cent at 14.68

The market wizard believes there will be opportunities to trade on either side in the market amid mixed global and domestic signals. On the first day of 2024, the indices managed to settle in the green owing to adjusted closing. 

Singhvi sees fresh breakouts in the market coming above 21,850 and 48,700 levels for the Nifty50 and the Nifty Bank, respectively. Any slide below the levels of 21,600 and 47,850 should be considered the first sign of weakness, respectively, he adds.

For existing long positions:

  • Nifty intraday stop loss at 21,600 and closing stop loss at 21,650
  • Nifty Bank intraday and closing stop loss at 48,000

For existing short positions:

  • Nifty intraday stop loss at 21,850 and closing stop loss at 21,800
  • Nifty Bank intraday and closing stop loss at 48,550

For new positions in Nifty:

  • The best range to buy Nifty is 21,600-21,675 with a stop loss at 21,500 for targets of 21,735, 21,775, 21,800 and 21,825; above 21,850, one may keep a trailing stop loss and hold for a higher target
  • Aggressive traders can sell Nifty in the 21,775-21,825 range with a strict stop loss at 21,900 for targets of 21,735, 21,680, 21,650, 21,600 and 21,500

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 47,850-48,000 with a stop loss at 47,650 for targets of 48,075, 48,150, 48,200, 48,275, 48,350 and 48,450
  • Sell Nifty Bank in the 48,450-48,625 range with a stop loss at 48,700 for targets of 48,350, 48,300, 48,225, 48,150, 48,075, 48,000 and 47,850

F&O ban update

  • New in ban: Balrampur Chini
  • Already in ban: Hindustan Copper
  • Out of ban: None

Stocks of the day

Buy Lupin futures with a stop loss at Rs 1,305 for targets of Rs 1,335, Rs 1,348 and Rs 1,360

  • Pharma stocks looking strong
  • Lupin ready to move up after consolidation
  • Nomura increased Target to 1593 from 1290

Buy BHEL futures with a stop loss at Rs 196 for targets of Rs 204. Rs 206 and Rs 208

  • BHEL to get order from Indian Navy for heavy guns
  • Another order for 80 Vande Bharat trains
  • Strong order flow at regular intervals

Picks of the year 2024 

Buy Aditya Birla Fashion shares for targets of Rs 300, Rs 350 and Rs 400 from a perspective of 1-2 years

  • Strong brand portfolio
  • Investing big into store expansion
  • Investing in the affordable segment
  • After expansion company ready to post big profits
  • Strong EBITDA but loss is only due to depreciation
  • Could be a big turnaround story in 2024

ALSO READ: What Anil Singhvi recommends on Jubilant Pharmova in 2024

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.